6. International Political Economy: Marxism, Mercantilism, Liberalism

10.1093/hepl/9780198707554.003.0006 ◽

2015 ◽

Author(s):

Robert Jackson ◽

Georg Sørensen

Keyword(s):

International Economic ◽

Political Economy ◽

Political System ◽

Economic Liberalism ◽

Theoretical Position ◽

This chapter examines the three most important classical theories within the field of International Political Economy (IPE): mercantilism, economic liberalism, and neo-Marxism. It also considers the relationship between politics and economics, and between states and markets in world affairs, that IR has to be able to grasp. It suggests that IPE is about wealth and poverty, about who gets what in the international economic and political system. The outlook of mercantilism has much in common with realism, while economic liberalism is an addition to liberalism. Mercantilism and economic liberalism thus represent views on IPE that are basically realist and liberal. The chapter concludes with discusses the original theoretical position of Marxism.

6. International Political Economy: Classical Theories

10.1093/hepl/9780198803577.003.0006 ◽

2018 ◽

pp. 177-196

Author(s):

Robert Jackson ◽

Georg Sørensen ◽

Jørgen Møller

Keyword(s):

International Economic ◽

Political Economy ◽

Political System ◽

Economic Liberalism ◽

Theoretical Position ◽

This chapter examines the three most important classical theories within the field of International Political Economy (IPE): mercantilism, economic liberalism, and neo-Marxism. It considers the relationship between politics and economics, and between states and markets in world affairs, that IR has to be able to grasp. It suggests that IPE is about wealth, poverty, and power, about who gets what in the international economic and political system. The outlook of mercantilism has much in common with realism, while economic liberalism is an addition to liberalism. Mercantilism and economic liberalism thus represent views on IPE that are basically realist and liberal. The chapter concludes with a discussion about the original theoretical position of Marxism.

Problematic Lucidity: Stephen Krasner's “State Power and the Structure of International Trade”

World Politics ◽

10.1017/s0043887100014751 ◽

1997 ◽

Vol 50 (1) ◽

pp. 150-170 ◽

Cited By ~ 12

Author(s):

Robert O. Keohane

Keyword(s):

International Economic ◽

Political Economy ◽

International Trade ◽

Focal Point ◽

State Power ◽

Political Structure ◽

Economic Openness ◽

The Relationship ◽

Better Than

Stephen D. Krasner's article in this journal in 1976, “State Power and the Structure of International Trade,” defined the agenda for years of scholarship by being both lucid and problematic. Krasner presented a clear puzzle but manifestly failed adequately to answer the questions that he raised. His key proposition, that strong international economic regimes depend on hegemonic power, was supported by only half of the six cases that he discussed. Yet the cogency of Krasner's formulation of the argument, and the pungency of his rhetoric, led “State Power” to serve as a focal point in a coordination game among three major constituencies in the international political economy field. Liberal transnationalists, statist realists, and their audiences all benefited from Krasner's lucid specification of the issues. As a result of research prompted by Krasner's article, we understand the relationship between international political structure and economic openness much better than we did before it appeared.

The management of surplus capacity: or how does theory stand up to protectionism 1970s style?

International Organization ◽

10.1017/s0020818300032185 ◽

1979 ◽

Vol 33 (3) ◽

pp. 303-334 ◽

Cited By ~ 39

Author(s):

Susan Strange

Keyword(s):

International Economic ◽

Political Economy ◽

Political System ◽

Multinational Enterprises ◽

World Economy ◽

State Involvement ◽

Long Run ◽

Market Shares ◽

The World

Contemporary trends toward protectionism seem not merely to represent a passing phase in the world political economy but reflect widespread resistance to deep-seated structural change. In three major sectors of the world economy characterized by surplus capacity—textiles, steel, and shipbuilding—state policies increasingly challenge liberal, market-oriented economic arrangements. The emergence of restrictive arrangements in these areas is still primarily organized nationally: multinational enterprises do not dominate economic activity. Conflict among firms over market shares is reflected, therefore, in conflict among governments. Such conflict may be temporarily resolved through market-sharing agreements, but these are inherently unstable. Increasing state involvement is likely in the long run to exacerbate the problems of capitalism and to increase conflict over international economic issues. These adverse developments will call further into question theories of international political economy that assume compatibility between a liberal, market-oriented international economic system and a state-oriented international political system.

7. International Political Economy: Contemporary Debates

10.1093/hepl/9780198707554.003.0007 ◽

2015 ◽

Author(s):

Robert Jackson ◽

Georg Sørensen

Keyword(s):

United States ◽

Political Economy ◽

Developing Countries ◽

Western Europe ◽

Current Model ◽

The United States ◽

The Other ◽

The Third ◽

This chapter examines three important debates in International Political Economy (IPE). The first debate concerns power and the relationship between politics and economics, and more specifically whether politics is in charge of economics or whether it is the other way around. The second debate deals with development and underdevelopment in developing countries. The third debate is about the nature and extent of economic globalization, and currently takes places in a context of increasing inequality between and inside countries. This debate is also informed by the serious financial crisis of 2008 and has raised questions regarding the viability of the current model of capitalism in the United States and Western Europe.

1. Why Study IR?

10.1093/hepl/9780198707554.003.0001 ◽

2015 ◽

Author(s):

Robert Jackson ◽

Georg Sørensen

Keyword(s):

Political Economy ◽

International Relations ◽

Social Constructivism ◽

Theory And Practice ◽

Clear Understanding ◽

Global Issues ◽

Online Resource ◽

The World ◽

Introduction to International Relations provides a concise introduction to the principal international relations theories, and explores how theory can be used to analyse contemporary issues. Readers are introduced to the most important theories, encompassing both classical and contemporary approaches and debates. Throughout the text, the chapters encourage readers to consider the strengths and weaknesses of the theories presented, and the major points of contention between them. In so doing, the text helps the reader to build a clear understanding of how major theoretical debates link up with each other, and how the structure of the discipline of international relations is established. The book places a strong emphasis throughout on the relationship between theory and practice, carefully explaining how theories organise and shape our view of the world. Topics include realism, liberalism, International Society, International Political Economy, social constructivism, post-positivism in international relations, and foreign policy. A chapter is dedicated to key global issues and how theory can be used as a tool to analyse and interpret these issues. The text is accompanied by an Online Resource Centre, which includes: short case studies, review questions, annotated web links, and a flashcard glossary.

Comparative and International Political Economy and the Global Financial Crisis

Oxford Research Encyclopedia of Politics ◽

10.1093/acrefore/9780190228637.013.270 ◽

2017 ◽

Cited By ~ 1

Author(s):

Alison Johnston

Keyword(s):

International Economic ◽

Political Economy ◽

Financial Crisis ◽

Financial Markets ◽

Domestic Politics ◽

Global Financial Crisis ◽

Debt Crisis ◽

European Debt Crisis ◽

Foreign Credit

The 2008 Global Financial Crisis (GFC) and subsequent European Debt Crisis had wide-sweeping consequences for global economic and political stability. Yet while these twin crises have prompted soul searching within the economics profession, international political economy (IPE) has been relatively ineffective in accounting for variation in crisis exposure across the developed world. The GFC and European Debt Crisis present the opportunity to link IPE and comparative political economy (CPE) together in the study of international economic and financial turmoil. While the GFC was prompted by the inter-connectedness of global financial markets, its instigators were largely domestic in nature and were reflective of negative externalities that stemmed from unsustainable national policies, especially those related to financial regulation and household debt accumulation. Many in IPE take an “outward looking in” approach to the examination of international economic developments and domestic politics; analysis rests on how the former impacts the latter. The GFC and European Debt Crisis, however, demonstrate the importance of a (CPE-based) “inward looking out” approach, analyzing how unique policy and political features (and failures) of individual nation states can unleash economic and financial instability at the global level amidst deepened economic and financial integration. IPE not only needs to grant greater attention to variation in domestic politics and policies in a time of closely integrated financial markets, but also should acknowledge the impact of a wider array of actors beyond banks and financial institutions (specifically more domestically rooted actors like households) on cross-national variation in the consumption of foreign credit.

Bentham’s Economics of Legislation

Journal of Public Finance and Public Choice ◽

10.1332/251569202x15665366114923 ◽

2002 ◽

Vol 20 (2) ◽

pp. 165-190 ◽

Cited By ~ 3

Author(s):

Marco E. L. Guidi

Keyword(s):

Political Economy ◽

Economic Analysis ◽

Political Theory ◽

Political System ◽

Costs And Benefits ◽

Economic Dimension ◽

The Relationship ◽

Traditional Assessments

Abstract This paper aims to highlight the economic dimension of Bentham's legal and political theory. Traditional assessments of the British legal and political system described judges and statesmen as 'wise legislators' who pursue the welfare of their subjects similarly to virtuous householders. Bentham's utilitarian restatement of the 'science of legislation' introduced a new notion of 'economy' intended as maximisation of pleasure and minimisation of pain. Under this label he evaluated laws and institutions according to the positive and adverse incentives they contained, and to the costs and benefits they had for individuals and for die community at large. The relationship between the economic analysis of laws, regulations and institutions and political economy is also examined in this paper.

The Political Economy of Sino-Peruvian Relations: A New Dependency?

Journal of Current Chinese Affairs ◽

10.1177/186810261204100104 ◽

2012 ◽

Vol 41 (1) ◽

pp. 97-131 ◽

Cited By ~ 10

Author(s):

Ruben Gonzalez-Vicente

Keyword(s):

International Economic ◽

Political Economy ◽

Division Of Labour ◽

The Political ◽

International Division ◽

Internal Colonialism ◽

Economic Entity ◽

Nation States ◽

Distribution Of Power

This article reviews dependency postulates and examines whether they are applicable to explain the political economy of China's contemporary relations with Peru. It argues that the dichotomy between Peru as a commodity-providing periphery and China as a core manufacturing centre is insufficient to explain the ways in which power is embedded in the international economic system, and particularly inadequate to identify winners and losers in the international division of labour. Thereby, in line with some recent international political economy discussions of power, the article proposes that China should not be understood as a self-contained economic entity, but as a hub where natural resources are mobilized for transnational production. Furthermore, contending that a focus on nation-states fails to capture the complexity of (underdevelopment dynamics, it suggests that notions of internal colonialism, flexible sovereignties and postcolonial analyses of representation provide fresher perspectives from which to understand the distribution of power along the political economy of Sino-Peruvian relations.

10. Major Issues in IPE: Economic versus Political Power, Development, Globalization, How to Study the Real World

10.1093/hepl/9780198862208.003.0010 ◽

2021 ◽

pp. 275-308

Author(s):

Georg Sørensen ◽

Jørgen Møller ◽

Robert Jackson

Keyword(s):

Political Economy ◽

Developing Countries ◽

Real World ◽

The Other ◽

The Real ◽

The Third ◽

Hard Science ◽

British School ◽

This chapter examines four major issues in International Political Economy (IPE). The first concerns power and the relationship between politics and economics, and more specifically whether politics is in charge of economics or whether it is the other way around. The second issue deals with development and underdevelopment in developing countries. The third is about the nature and extent of economic globalization, and currently takes places in a context of increasing inequality between and inside countries. The fourth and final issue concerns how to study the real world from an IPE perspective and it pits the hard science American School against the more qualitative and normative British School.